A key indicator of a recovering economy is construction and infrastructure activity. Looking at the recovering sales of commercial vehicles (CV) - particularly the medium and heavy commercial vehicles (MHCV) - the outlook for construction activity appears positive.

In April 2021, when the second wave struck, CV sales tanked. The four major listed CV makers — Tata Motors, Eicher Motors' VECV, Ashok Leyland, and Mahindra & Mahindra (M&M)'s total MHCV wholesales dropped by close to 60% MoM. 

Since then, CV sales have steadily recovered. By October 2021, the four CV makers' MHCV sales rose by 30-80% in six months. Some CV makers like Eicher Motors' VECV and Tata Motors' MHCV sales dipped in October compared to September. However, MHCV sales for M&M and Ashok Leyland have been on a steady incline since April.